Over the weekend, Bitcoin hovered around $63K, before bouncing back to $65K by Monday, Asia time. Meanwhile, Ethereum hovered around $1,600 over the weekend before stabilizing at $1,700.
Macro pressure is pushing markets as traders assess US major inflation data and expectations for the Fed to raise interest rates. And yet, the newly announced US-Iran peace deal acts as a major risk-off catalyst that should lower oil and inflation, potentially driving Bitcoin and altcoins higher with equities.
CoinMarketCap’s Crypto Fear and Greed Index remains stable at 23, compared to last week at 15.
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What Traders Should Watch Out for This Week
The most important macro events this week center on the June 16-17 FOMC meeting, as traders await statements and the debut of new Fed Chair Kevin Warsh, which will provide guidance that often matters more than the rate decision itself.
Regarding major US data, the focus this week is on US inflation expectations, such as retail sales and jobless claims, which may also directly shift the odds of future cuts or hikes by the Fed. Moreover, the potential reopening of the Strait of Hormuz could substantially uplift markets.
Here are the major economic indicators to watch out for this week:
- June 15: Empire State Manufacturing Survey, industrial production, and capacity utilization
- June 16: Housing starts and import prices
- June 17: Retail sales, manufacturing & trade: inventories & sales, U.S. interest rate decision
- June 18: Weekly jobless claims
